CUPERTINO, Calif. , June 18, 2024 /PRNewswire/ — This global payments fintech unicorn offers a financial services interface for cross-border transactions and global funds transfers for more than 100,000 business entities worldwide. This platform was founded in 2015 and serves as a hub for customers to receive payments from nearly 180 countries and send money to over 150 countries, totaling over $50 billion in remittances worldwide as of January 2024 .

Challenges: Updating the risk control system in a context of increasing financial fraud

The company used a conventional relational database for its risk control system, but the relational database has restrictions on the representation of the data model. Furthermore, it was inefficient in processing multiple table joins, leading to failure to identify the risk of fraudulent conduct in financial transactions.

The company understands that a successful financial platform relies not only on its ability to facilitate seamless transactions, but also on its ability to protect assets and transactions, especially with today’s sophisticated financial scams. After a retrospective analysis of fraud incidents, the company found that graph databases outperform relational databases in revealing hidden data correlations, making them an optimal solution for such scenarios.

The Solution: NebulaGraph has enhanced its fraud detection capabilities

The company evaluated several enterprise graph database solutions, including ArangoDB, Neo4j, TuGraph and NebulaGraph for architecture, performance and scalability. The selection saw NebulaGraph chosen for its distributed shard-nothing approach, horizontal scalability and professional technical support.

• Global compliance with distributed architecture

Since the company operates globally, it faces numerous data compliance requests from various regional authorities, such as anti-money laundering and consumer privacy protection. This requirement was met by NebulaGraph which has a distributed shard-nothing architecture that separates storage from computation.

• Superior performance for real-time fraud detection

An essential objective of the selection was to support real-time anti-fraud operations. In such a context, the underlying graph database must be able to handle over 1,000 concurrent requests and deliver millisecond-level response times. NebulaGraph’s powerful native graphics engine enables lightning-fast QPS and TPS with millisecond latency and handles high levels of concurrency, making it an excellent solution for your enterprise needs.

• Seamless scalability for future growth

In consideration of future expansion plans, the company has placed emphasis on scalability. NebulaGraph provides robust horizontal scalability thanks to its sharing-free distributed storage design. It was therefore perceived as an ideal solution that can effectively handle business and data expansion in the future.

• Premium technical support for critical infrastructure

Stability is a must for any core software, and the company needed the graph database vendor to have reliable technical support in graph technology. NebulaGraph, the leader in distributed graph databases, boasts a large group of top experts in the field of graph technology. Therefore, their professional technical support skills have been highly appreciated by the company from initial project engagement to final implementation.

The result: secure transactions through the NebulaGraph-based risk control platform

NebulaGraph plays a vital role in this entire risk control platform in three subdomains, namely onboarding assessment, transaction risk review and post-transaction analysis, all aimed at ensuring the safety of transactions carried out on the system .

• Onboarding Assessment: NebulaGraph is used by the company to analyze potential relationships between new users’ network information, device fingerprints, and user profiles. Through a comprehensive examination of everything, it automatically filters out those with high-risk connections.
• Transaction Risk Review: The system carefully examines each transaction that occurs based on a risk assessment model. When transactions have been flagged as suspicious and require manual review, NebulaGraph can be used to conduct a detailed association analysis of both the transaction entity and its counterparty. This ability significantly helps audit staff make informed decisions.
• Post-transaction analytics: The company’s historical customer behavior is periodically analyzed using data mining and machine learning techniques to detect unusual users or transactions. With NebulaGraph’s native support towards graph clustering algorithms, clusters of connected accounts can be identified very effectively. Such clusters of suspicious accounts could be consistently labeled and discovered and then subjected to comprehensive manual scrutiny to mitigate future risks.

In addition to contributing to the risk control platform, NebulaGraph was responsible for creating a holistic user knowledge graph for the company. This chart serves as the basis of information for RAG and helps by providing short summaries of client companies’ net worth, operating status and partner data across LLM in the most user-friendly manner. These summaries are important reference points for compliance departments that facilitate a quick understanding of the different operating conditions of their different activities.

In summary, NebulaGraph has played an essential role in the company’s effort to create a safe, efficient and reliable financial system. Through its ability to analyze complex interactions and behaviors, it has enabled the company to mitigate risks at all stages of the user journey, from onboarding through post-event analytics.

About Vesoft

Vesoft is dedicated to the development of NebulaGraph, the first distributed graph database to offer native GQL support. With the ability to handle large-scale datasets with hundreds of billions of nodes and trillions of edges while maintaining millisecond query latency, NebulaGraph is trusted by leading companies around the world in industries such as banking, financial services, of e-commerce, telecommunications and more. From financial risk management to real-time recommendations and knowledge graphing, NebulaGraph excels in diverse business scenarios. Headquartered in Cupertino, California, Vesoft is committed to providing businesses with stable and reliable infrastructure software. Get started for free at https://www.nebula-graph.io/.

Contact: [email protected]

SOURCE Vesoft

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